Boards of GCC businesses becoming more professional

Businesses across the GCC are increasingly adopting more rigorous corporate governance standards and are becoming more transparent in their communications to win deeper public trust, and the shift is being driven by chairmen and more professional boards.  

The issue of building more effective boards was debated by more than 60 chairmen and CEOs of regional leading organisations at the 3rd Chairman Summit hosted by the GCC Board Directors Institute (BDI) in Riyadh in partnership with Investcorp.  

Mohammed Al Shroogi, Co-CEO of Investcorp and BDI chairman, commented:  “In an uncertain world of globalization, depressed oil prices, and unrest, the role of the chairman is increasingly under scrutiny to set the tone for stability and long term growth of the business.

“By building more effective, professional boards and through adopting the highest standards of corporate governance and transparency in communications, all types of organizations from family-owned businesses to publicly listed companies and state-owned enterprises can bring greater certainty and confidence to their shareholders, while also winning greater public trust.”

The Chairman Summit featured three panel discussions with each focusing on a specific aspect of the role of the chairman:  the value of reputation, the chairman’s role in enhancing board effectiveness, and the board’s role in leading companies through change.

Panelists included Dr. Saleh Alawaji, chairman of Saudi Electricity Company;  Dr. Abdullah AlAbdulGader, chairman of Saudi Telecom Company;  Abdulaziz Al Judaimi, chairman of Petro Rabigh;  Patrick van Daele, country chairman – Saudi Arabia of Shell;  Dr Abdullah El Kuwaiz, chairman of the international advisory board of ACWA Power; and Walid Abukhaled, CEO – Saudi Arabia, Northrop Grumman.

BDI is the pre-eminent not for profit institute in the Gulf focused on helping boards become more effective so that organizations may perform better and grow.